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August Jobs: A Big Goose Egg

The U.S. Economy added zero jobs in August as the unemployment remained unchanged at 9.1%. Kelly Evans joins Rolfe Winkler to discuss.

This transcript has been automatically generated and may not be 100% accurate.

Gruner ... three ... revenue market still vacation ... I ... it was mean Street job right and we got Kelly Evans here to talk about jobs report ... on ... the long story short ... the economy is still terrible ... yet one smiling is really not much good news in the report this morning but it's interesting to see the reaction markets today and people been wondering all week what investors were ... expecting the Fed to serve come to the rescue of the economy now or not I argued that the reaction today suggests that first ball ... There's and data's is to what the Fed is going to happen to be but secondly that there's this question as to how much of of an effect for the measures are really can have on the economy um it's pretty clear that ... the country standpoint of ... where monetary policy is having much effect invested to spur growth in its not they were going to get much coming from the fiscal side of the equation in there and so no wonder that the yet the outlook for risk assets at this point is that with the somewhat digged issue with the Verizon strike and this actually there would have been some job creation at least the middle the Verizon strike bright so for an early August we had about forty five thousand workers on the present communications on strike which means that while the alas the Labor Department was serving these firms they were effectively up off the payroll so that was that basically held down yet headline jobs figure by about that announce you could say that ... if we ... we should've had made the fifty thousand jobs added seven zero ... on the will ... to address that ... that building that the payroll is that ever session helped boost the figure I in response but ... they're a lot of things going on in the reporting and down this was a small piece yet of the overall I gotta ask me ... what is it about this research on this list or viewers at home a creature ... that pulled up ... if we get directors demand right there ... if you look at this closely what you can see this isn't a chart from one of my favorite bloggers calculated risk by iam ... when he does years basically showing us post World War two recessions ... and if you see if you start from the side the chart over here ... basically this is peak employment ... the decline ... below peak of when and how long it took to get that right there always are slightly higher although Southern acquittals from our previous recession gets right so it got back to peak of one eventually ... here we are in the latest one ... and we can't get anywhere close to it and is that ... just sign that so that the peak in jobs a couple years ago was just a debt fuelled ... Canet aberration what it suggests that this isn't so much jobless recovery is of recovery ... last recovery ... you know it it down ... I think we're at this it is turning point where we've started to see a slowdown in things like productivity in the race this in the research see an increase in payrolls earlier this year ... but just haven't really amounted to anything so we get it similarly took a while after the last recession in early two thousand see it in the early nineties ... to really get good jobs and to crank and a ... so this time around I think every ... if your start-up pissy about the disease they were meeting next month will certainly be next month over two years now since recessions and in ... the job growth just isn't there an arid and structural changes in the economy enough ... weakness in growth for two seconds see the kind of approach that they would typically get us in the range of ... job growth hundred fifty thousand are set in the bidding to keep up with population growth ... ALM so ofcourse I were looking at it is a very high unemployment rate for very long period of time and when there's there's not much else they can be done I guess fiscal policy ... of easy administration of trying to anything will Congress let them do anything all I can be more than triples maybe isn't going to have much more deposit fact Maidman dips having a negative effect by that of the fiscal side of things to different tomorrow could create fifteen million jobs the problem is there's this persistence towards any sort of government spending is a lot of concern about ... public sector debt levels and so while the political appetite is that way while voters ... in every still a lot of both of them seem to say ... no more no more no more ... then from an investor's point of view we you know Caleb icon's recount this out I can count that out that I look into twenty twelve and I see very little ... on this really connecting the cunning get that jobs Anjin either for the private sector or the public some yet ... you know it's a terrible sign right when the administration tries to play down economic prospects going into an election year a ... city DTC is very at nine percent when it was just yesterday they said there can expect a half percent there is some production another to backtrack well that was happening people always say you know all we're trying to get the Canid actress full employment a five percent why think it's pretty clear that was the venue for employment whatever I just decided that's right the river aberration Alicante come down by it by bubbles were or the sort of periods of euphoria new Comi that is the tech boom artwork bubble or the housing bubble and so I think people are realizing and former malevolent for Chile is probably something like seven percent will be lucky if we can even get there in the next couple years now face Chile for ... coming on to share that great news ... is that